38,557 Shares in Cavco Industries, Inc. $CVCO Purchased by Bank of America Corp DE

Key Points

• Bank of America acquired 38,557 Cavco Industries shares worth approximately $23.7 million, giving it a 0.50% stake. Institutional investors collectively own 95.56% of the company.
• Cavco’s stock opened at $541.84, down 3.0%, with a market capitalization of about $4.17 billion. The company’s latest quarterly revenue exceeded expectations, but earnings per share missed estimates.
• Analyst sentiment is mixed, with recent downgrades offset by UBS’s Buy rating and $700 price target; the stock carries an overall “Hold” consensus rating.

Bank of America Corp DE acquired a new position in Cavco Industries, Inc. (NASDAQ:CVCO - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 38,557 shares of the construction company's stock, valued at approximately $23,689,000. Bank of America Corp DE owned 0.50% of Cavco Industries at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the company. Silvant Capital Management LLC purchased a new position in shares of Cavco Industries in the 2nd quarter valued at approximately $25,000. Global Retirement Partners LLC purchased a new stake in Cavco Industries in the second quarter worth $28,000. Allworth Financial LP purchased a new stake in Cavco Industries in the second quarter worth $44,000. Persistent Asset Partners Ltd bought a new position in Cavco Industries in the second quarter worth $52,000. Finally, Clearstead Advisors LLC raised its holdings in Cavco Industries by 186.0% in the fourth quarter. Clearstead Advisors LLC now owns 123 shares of the construction company's stock worth $73,000 after purchasing an additional 80 shares in the last quarter. 95.56% of the stock is owned by institutional investors.

Cavco Industries Stock Down 3.0%

CVCO opened at $541.84 on Thursday. The firm has a 50 day moving average price of $567.06 and a 200-day moving average price of $542.64. Cavco Industries, Inc. has a twelve month low of $443.33 and a twelve month high of $713.01. The stock has a market capitalization of $4.17 billion, a price-to-earnings ratio of 23.58 and a beta of 1.28.

Cavco Industries (NASDAQ:CVCO - Get Free Report) last issued its earnings results on Thursday, July 30th. The construction company reported $5.43 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.69 by ($0.26). Cavco Industries had a return on equity of 16.51% and a net margin of 7.89%.The company had revenue of $609.96 million during the quarter, compared to analysts' expectations of $590.54 million. As a group, analysts expect that Cavco Industries, Inc. will post 22.75 earnings per share for the current year.

Insiders Place Their Bets

In other news, CAO Paul Bigbee sold 342 shares of the stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $592.00, for a total transaction of $202,464.00. Following the transaction, the chief accounting officer directly owned 736 shares of the company's stock, valued at $435,712. This represents a 31.73% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 1.70% of the company's stock.

Analyst Ratings Changes

Several research analysts recently issued reports on CVCO shares. Zacks Research lowered shares of Cavco Industries from a "hold" rating to a "strong sell" rating in a research note on Monday, August 3rd. Weiss Ratings cut shares of Cavco Industries from a "hold (c+)" rating to a "hold (c)" rating in a report on Monday, September 14th. Zelman & Associates downgraded shares of Cavco Industries from an "outperform" rating to a "neutral" rating in a research note on Thursday, August 6th. Finally, UBS Group started coverage on shares of Cavco Industries in a research note on Friday, June 5th. They set a "buy" rating and a $700.00 target price for the company. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $700.00.

Cavco Industries Company Profile

Cavco Industries, Inc is a manufacturer of factory-built housing and related products. The company produces manufactured homes, modular homes, park model recreational vehicles and other factory-built structures for residential, commercial and recreational applications. Its homes are sold under a range of brands, including Cavco, Fleetwood, Palm Harbor and Nationwide Homes.

Cavco markets its products through an independent dealer network as well as company-owned retail locations. It also provides financing and insurance services for manufactured-home buyers through affiliated businesses, including CountryPlace Mortgage and insurance operations.

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